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Please check that my other answers are correct. The numbers I need help with are 8 and 9. 6. Paid $112,500 cash for operating expenses.
Please check that my other answers are correct. The numbers I need help with are 8 and 9.
6. Paid $112,500 cash for operating expenses. 7. Paid for half of the merchandise previously purchased on account in 8. Collected 40% of the balance due on the sales in transaction 5 . 9. Paid $5,400 cash for an insurance premium for one year of coverage (debit prepaid insurance). 10. Paid $45,000 cash in legal fees for the month of March. 3. Purchased equipment at a net cost of $450,000 cash. 4. Purchased inventory on account for $360,000. Assume that the company uses the perpetual inventory system. 5. Sold merchandise for $450,000 (that had cost $270,000 ); collected $315,000 cash, and the $135,000 balance is due in one month. Hint: Make entries for both sides of the transactionone for sales and one for cost of goods sold. Analyzing Transactions Using the Accounting Equation Dynamic Corporation completed the following transactions during the month of March. Indicate the effects on the accounting equation for each of the 10 transactions. Provide your answer in the format provided. - Note: Use a negative sign with your answers to indicate a decrease. - Note: Select "N/A" as your answer if a part of the accounting equation is not affected. 1. Issued 90,000 shares of its own common stock for $900,000 cash. 2. Borrowed $450,000 cash in return for a 9%, one-year note payableStep by Step Solution
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